May 5th, 2008 9:44 PM by L. Michael Trenkle
There are lots of good reasons to choose an FHA loan, especially if one or more of the following apply to you:
If you are a first-time homebuyer, you don't have a lot of money to put down on a house, you're worried about qualifying for a loan or you don't have perfect credit.
If any of these things describe you, then an FHA loan may be right for you. Why? FHA-insured loans offer many benefits and protections that you won't find in other loans including:
Lower cost: FHA loans have competitive interest rates because the Federal government insures the loans for lenders. Always compare an FHA loan with other loan types.
Smaller down payment: FHA loans have a low 3% down payment and the money can come from a family member, employer or charitable organization as a gift. Other loan programs don't allow this.
Easier qualification: Because FHA insures your mortgage, lenders may be more willing to give you loan terms that make it easier for you to qualify.
Less than perfect credit: You don't have to have perfect credit to get an FHA mortgage. In fact, even if you have had credit problems, such as a bankruptcy, it's easier for you to qualify for an FHA loan than a conventional loan.
MK Mortgage Group LLC can provide you with the options you need to get a home.